The Urethane Blog

Recticel Q3 Results

Recticel Trading update 3rd quarter 2019


  • Combined 3Q sales: from EUR 313.9 million to EUR 293.6 million (-6.5%)
  • Combined year-to-date 9M sales: from EUR 996.6 million to EUR 924.1 million (-7.3%)
  • Total Combined net financial debt: EUR 237.2 million, including the impact of IFRS 16 (30 June 2019: EUR 261.3 million)


Olivier Chapelle (CEO): “Our topline has decreased by 6.5% during the 3rd quarter of 2019, influenced by receding Automotive and Comfort markets and by selling price erosion as a consequence of the isocyanates raw material cost decrease. We are pleased that our Bedding division has confirmed its return to growth. While the volumes have remained strong in the Insulation division, intense price competition continues to weigh on the margins.

Our net financial debt continues to substantially decrease, and we further actively pursue the optimisation of our overhead and operating cost structures in anticipation of a less favourable economic environment.

The Automotive Interiors divestment process is progressing, and we expect the outcome to be announced around the year-end.



The economic and geopolitical environment remains highly volatile and increasingly uncertain. Taking into account the lower than expected margin improvement in the Insulation activities, when compared to the first half of the year, we anticipate our 2019 full year Adjusted EBITDA to be 5% to 10% below 2018 on a like-for-like basis. Recticel is in a strong financial position and has demonstrated its ability to adapt to rapidly changing market conditions.